NAICOM revokes Nigeria Reinsurance licence over N35B capital requirement
NAICOM has revoked Nigeria Reinsurance Corporation's operating licence for failing to meet the NIIRA 2025 minimum capital requirement of N35 billion for reinsurance companies. The regulator froze all bank accounts and appointed Dr. Muiz Banire (SAN) as Receiver and Provisional Liquidator effective August 3, 2026, to oversee winding up of affairs.
This action comes days after NAICOM announced completion of the industry recapitalisation exercise, with 43 insurance and reinsurance companies meeting the July 31, 2026 compliance deadline. Nigeria Reinsurance Corporation becomes the first insurance operator to lose its licence since the recapitalisation programme concluded, marking NAICOM's first major enforcement under the new capital regime that raised reinsurance requirements from N10 billion to N35 billion.
Policyholders should verify their reinsurer's regulatory status, as NAICOM signals willingness to enforce compliance. Companies must now meet the N35 billion threshold or face similar action. The move aims to build a stronger, better-capitalised insurance sector capable of supporting economic growth.